Across
- 3. A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan
- 5. The number of days between a borrower's statement date and when payment is due, often without accruing interest
- 6. Someone who legally agrees to take responsibility for a person's debt if they cannot repay it
- 8. The act of transferring debt from one credit card account to another, usually for a fee
- 11. Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made
- 15. The amount of time you have to repay your entire loan
- 16. The maximum amount that may be borrowed on a credit card
- 17. A plastic card that allows you to make purchases now with borrowed money, which then you must repay to the lender in one lump sum or in monthly payments with interest
Down
- 1. A loan with an interest rate that does not change over the life of the loan
- 2. Original amount of money borrowed, separate from interest or fees
- 4. Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score
- 7. Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal
- 9. A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee
- 10. The cost you pay each year to borrow money, including fees, expressed as a percentage
- 11. A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees
- 12. Something valuable that the lender can take as payment if you can't or don't repay your secured loan
- 13. The rate charged for borrowing money usually expressed as a percent of the amount borrowed
- 14. The amount you owe as the cost of borrowing money